Paramount Global Names New Leadership Team

The board of directors of Paramount Global have announced that Bob Bakish, president and chief executive officer, is stepping down from his role as chief executive officer and from the board of directors.  

To lead and oversee the company moving forward, Paramount Global has established an office of the CEO, consisting of three senior company executives: George Cheeks, president and chief executive officer, CBS; Chris McCarthy, president and chief executive officer, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and chief executive officer, Paramount Pictures and Nickelodeon. Cheeks, McCarthy and Robbins will work closely with Naveen Chopra, chief financial officer, and the board of directors. 

“The creation of the office of the CEO will enable the company to accelerate growth and strengthen operations,” The Board of Directors said in a statement. “We look forward to working with George, Chris and Brian as they execute on key initiatives to enhance performance and value creation at Paramount Global.” 

Paramount says the office of the CEO is working with the board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet and continue to optimize the streaming strategy. The board has great confidence in the leaders comprising the office of the CEO, all of whom are senior creative executives and business leaders with a track record of success running meaningful businesses within Paramount Global. 

“Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the company,” says Shari Redstone, chair of the board, Paramount Global board of directors. “I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead. The board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best.”